The Philippines ’ unemployment rate slightly went up to 4.5 percent in January 2024 from 3.1 percent in December 2023, the Philippine Statistics Authority (PSA) said Friday, March 8, 2024. In a press conference, PSA director Undersecretary Dennis Mapa said that as of January 2024 , 2.15 million or at least 45 out of 1,000 Filipinos who are members of the country’s labor force are jobless.
The January 2024 unemployment rate is lower than the number recorded during the same month in 2023, but higher than that in October 2023, which was at 4.2 percent or 2.09 million individuals. Mapa said the increase can be attributed to the end of seasonal demand in the labor market, which historically goes up during the last quarter of each year due to increased economic activities brought about by the holidays. “Hindi ito unique sa ganung datos kasi October nakita natin last quarter diba marami tayong economic activities na nadagdag, particularly on retail trade so tumutulong ‘yung mga kasama sa bahay sa negosyo, stores, carenderia, may bazaar,” he sai
Source: News Formal (newsformal.com)
Philippines Unemployment Rate January 2024 Labor Force Economy
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